Market and regulatory implications of social identity cohorts: a discussion of crypto influencers
讨论加密货币影响者如何通过社交媒体推荐数字币并引发价格效应，指出他们可能利用投资者的社会身份需求进行拉高出货，建议更多研究影响者经验、网络和沟通方式对市场及监管信任的影响。
Abstract Merkley et al. (2023) examine how cryptocurrency influencers recommend digital coins on Twitter (X) and the associated price effects. They report that influencers may exploit market investors via potential pump and dump schemes. While plausible, researchers may develop a broader understanding of influencers’ incentives and their influence by considering how investors engage these markets for social identity needs that enhance utility. Social-psychological research indicates that someone’s social identity strongly influences their behavior, even making the behavior maladaptive. This paper discusses how crypto influencers create social identity resonance. It then discusses how influencers can leverage this resonance for potentially lucrative financial opportunities, which might manifest in different expected crypto price patterns. The paper concludes by recommending more research on influencers’ experience, networks, and communication choices; the effects of video relative to text communication; and implications of social identity cohorts that influence prices and undermine regulatory trust in traditional markets.